German sporting goods manufacturer Adidas has reported strong preliminary financial results for the full year 2025. The company benefited from double-digit growth in all market segments. The Herzogenaurach-based group achieved a record sales level of 24.81 billion euros, exceeding the previous year’s figure of 23.68 billion euros. The growth was achieved despite negative currency effects of more than one billion euros.
For the year as a whole, the Adidas brand’s currency-adjusted sales rose by 13 percent, the second year in a row of this magnitude. Taking into account Yeezy sales from the previous year, which amounted to around 650 million euros in 2024, currency-adjusted sales growth was ten percent. The gross margin improved by 0.8 percentage points to 51.6 percent in 2025 despite burdens from higher tariffs and unfavorable exchange rate developments.
The operating result recorded a significant increase in 2025 as a whole: it increased by more than 700 million euros to 2.06 billion euros. As a result, the operating margin rose by 2.6 percentage points to 8.3 percent, after 5.6 percent in the previous year.
Fourth quarter performance and start of share buyback
In the fourth quarter of 2025, currency-adjusted sales of the Adidas brand grew by eleven percent. Including the effects of previous Yeezy sales, currency-adjusted sales growth was ten percent. In euros, quarterly sales amounted to 6.08 billion euros, compared to 5.97 billion euros in the corresponding period last year.
The gross margin improved by one percentage point to 50.8 percent in the quarter. The operating result more than doubled and reached 164 million euros, after 57 million euros in the previous year.
In light of this development, the Adidas board of directors has decided to launch a share buyback program. From the beginning of February, the group plans to buy back and withdraw its own shares worth up to one billion euros over the course of 2026. Financing is expected to come from expected strong cash flow generation in 2026.
Strategic outlook and qualitative growth
Bjørn Gulden, Chief Executive Officer (CEO) of Adidas, attributed the positive development to “qualitative growth”. He emphasized that the group had managed to maintain high full-price sales rates while controlling the level of discounts. The gross margin of 51.6 percent excluding Yeezy represents a historically high level for the brand.
The CEO expressed confidence in future sales and profit growth across all segments, including sports, comfort, lifestyle and fashion. He also referred to the importance of upcoming major events such as the Olympic and Paralympic Winter Games in Italy and the FIFA World Cup.
Adidas plans to publish the final financial results for the 2025 financial year and the financial forecast for 2026 on March 4, 2026.
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